465. 5 Onboarding + Retention Secrets We Use to Maintain a 2% Refund Rate [Bonus - What to Do If A Client Wants to Break Contract]
The Fitness Business Podcast with Erin Dimond and Jordan Dugger
Erin Dimond and Jordan Dugger
4.9 • 670 Ratings
🗓️ 31 August 2023
⏱️ 29 minutes
🧾️ Download transcript
Summary
An incredibly underrated component of your business is your onboarding process and when you have this nailed, you'll see retention skyrocket and refunds plummet. We've had our own share of refunds in the past (will share a specific story) and learned a lot how to avoid them by having a bulletproof onboarding process. Listen in as I explain the tactical steps on how to set this framework up in your business!
Time Stamps:
(0:40) Eliminating Refunds
(1:40) Starting with a Story
(2:58) The Email
(7:03) Retention Bonuses and Upgrade Rates
(9:16) The Importance of Onboarding
(11:43) After They Say Yes
(14:23) Clear Expectations and Next Steps
(16:28) Onboarding Call
(18:11) Exit Interview
(19:28) Refund Policy
(21:29) Safe Space for Struggles System
(23:29) Still Wants a Refund
(27:13) Ending But Not Breaking Contract
(28:51) DM Me Exit Interview
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Transcript
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| 0:00.0 | what happens sometimes when somebody makes an investment in themselves and you can even ask him like is |
| 0:05.7 | this the first you know significant investment you've made in yourself they might say yeah it might say no |
| 0:10.0 | it doesn't matter uh what can happen is is you're excited and when you get off this call you might start |
| 0:15.0 | having some feelings of did i make the right decision i want you to understand that that's normal all right |
| 0:18.4 | reach out to me if you are feeling any kind of way. |
| 0:21.3 | We can talk through it. |
| 0:22.4 | All right. |
| 0:23.4 | Because listen, this should be hard. |
| 0:25.3 | This should be scary. |
| 0:26.5 | Every important point of transformation and change is going to come at the other end of your comfort zone. |
| 0:32.6 | Yo, what up everyone? |
| 0:33.6 | Welcome to the FitBiz podcast. |
| 0:34.9 | Jordan here with a really great episode. I'm excited to share |
| 0:37.8 | with you guys how to eliminate refunds, how to create better client experience, how to reduce |
| 0:41.7 | the amount of what you would call escalation. Escalation meaning, you know, somebody is not happy or |
| 0:46.7 | whatever, right? They just want to refund. And I'm going to share with you like the five both |
| 0:50.7 | onboarding and retention keys to minimize the amount of refunds that you get. |
| 0:55.0 | And this is through trial and error that we've learned in our own fitness business |
| 0:57.9 | over the last several years and things that we also do within IFCA. |
| 1:01.9 | And within IFCA, we maintain a 2% refund rate between one and two. |
| 1:06.8 | Whereas in our fitness business, we maintained also a 98% retention rate, |
| 1:12.7 | meaning we only had a 2% refund rate. Okay. So that means out of every, you know, 100 people we brought in about one or two |
... |
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